UPM-Kymmene does not exercise the APRIL loan option

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UPM-Kymmene Corporation has decided not to exercise the option included in its earlier granted 121 million USD loan to APRIL to convert the loan into 15 per cent stake in APRIL's Riau pulp mill at net asset value. As the option expired on 31 December 1999, the loan has been extended for a further 2-year period on commercial terms. APRIL's 49 per cent share in the fine paper mill in China is pledged as security for the loan. At the moment UPM-Kymmene owns 49 per cent of the fine paper mill.